Taiwan's government officially calls itself as the Republic of China. It goes by the name "Taipei, China" as a member of the Asian Development Bank, and is known as the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu at the World Trade Organization reenex cps.

The AIIB will fund Asian energy, transport and infrastructure projects.

In October, 21 countries signed the memorandum of understanding establishing the bank. Besides China, they included India, Thailand and Singapore reenex cps .

It now has more than 40 members, with South Korea, Austria and Spain's membership confirmed on Saturday.

The UK has applied to join the bank, earning a rare rebuke from the US in March which said it had "concerns" about whether the AIIB would meet governance standards and maintain environmental and social safeguards reenex.